T&G, Globe Parent Q2 Revenue Down 19%
The New York Times Co.'s New England Media Group, which includes the Worcester Telegram & Gazette and the Boston Globe, brought in $109 million in the second quarter, 19.2 percent less than it did for the same quarter last year.
Advertising revenue for the New England group declined 31 percent to $58.7 million while circulation increased by 7.5 percent to $40.4 million.
Overall, the company's circulation revenue increased 1.5 percent on higher newsstand prices for the Times, the Globe and other regional papers. The company reported a profit of $39 million compared to $21 million a year ago and an operating profit of $23.3 million, down from $40.3 million a year ago on a 30 percent decline in advertising revenue.
The company managed to cut production and administrative costs during the quarter, but saw its depreciation and amortization costs increase by 5.5 percent from $32.6 million to $34.4 million.
Advertising revenue for the quarter was down in every Times category with the largest declines coming from help wanted ads, which saw a 60 percent decrease compared to the second quarter of 2008, and real estate and automotive ad revenue dropping by 47.6 percent and 43.2 percent, respectively.
WBJ Web Partners
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